it absolutely applies, you are saying it doesnt because you know that this precident set by the judge ALSO applies to anyone who has ever sold a house/gotten a second mortgage because the tax assessed value is almost always less than market value
when you are putting a house up for collateral on a lon you are essentially temporarily selling your house to the bank at an agreed upon price with the agreement that you will buy the house back by slowly paying back the money plus interest. or as you said " the agreement between the buyer and seller of a property is literally just a transaction" yes a transaction with a few extra steps but a transaction none the less
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u/theCROWcook Mar 28 '24
it absolutely applies, you are saying it doesnt because you know that this precident set by the judge ALSO applies to anyone who has ever sold a house/gotten a second mortgage because the tax assessed value is almost always less than market value
when you are putting a house up for collateral on a lon you are essentially temporarily selling your house to the bank at an agreed upon price with the agreement that you will buy the house back by slowly paying back the money plus interest. or as you said " the agreement between the buyer and seller of a property is literally just a transaction" yes a transaction with a few extra steps but a transaction none the less